Deep Dive
Shownotes Transcript
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Today is Monday, June 30th, the final trading day in the month of June and the first trading day in a holiday-shortened week. I'm Julie Morgan. Tariffs drop for UK exports, China rolls out an obesity drug challenger, and the CEO of Tesla sounds off again on the big, beautiful bill.
The U.K.-U.S. trade deal takes effect today, slashing U.S. tariffs for the U.K.'s automotive and aerospace sectors. U.K. car manufacturers can now export to the U.S. under a reduced 10% tariff quota. The U.K. aerospace sector also gains a major boost, with 10% tariffs on goods like engines and aircraft parts removed today, and a commitment to maintain them at 0%.
The U.K. is the only country to have secured this deal with the U.S., reducing car export tariffs from 27.5% to 10%. However, pending issues remain on steel and aluminum. While U.K. steel exports are currently exempt from the U.S.'s 50% tariffs, this reprieve expires on July 9th, after which the duties could be reinstated unless they make another deal.
Novo Nordisk and Eli Lilly have some competition. The global leaders in obesity medications are now facing their first major competitor in China. InnoVent Biologics gained regulatory approval last week for its obesity treatment, Masdutide, a significant milestone in China's push to tackle rising obesity and diabetes rates through homegrown innovation.
InnoVent first licensed Mazdutide from Lilly in 2019 when the drug was in mid-stage testing. The Chinese company ran large clinical trials suggesting that in local patients it appeared just as effective as Lilly's ZepBound in helping patients lose weight.
Tesla CEO Elon Musk sharply criticized the latest version of President Trump's tax and spending proposal, calling it utterly insane and destructive. These words come just weeks after the two appeared to reconcile following earlier disagreements over the legislation.
The billionaire took to his social media platform X on Saturday to voice his concerns, saying this bill will destroy millions of American jobs and inflict significant long-term harm on the country. He argued that the proposed legislation favors outdated industries while undermining sectors critical to the future of U.S. competitiveness, particularly technology and clean energy.
The Big Beautiful Bill is the topic in today's edition of the Wall Street Breakfast newsletter, our daily one-page news summary. You can find a link to the newsletter in show notes. Now for a look at a few other articles that are trending on Seeking Alpha. The renewables industry reels as the Senate mega bill unveils a new excise tax. Indonesia plans to cut import red tape and pitches a critical minerals investment to the U.S.
And Tesla launches V4 superchargers in China. On our Catalyst Watch for the day, the quiet period expires on Circle, Internet Group, and Omada Health to free up analysts to post ratings. Notable companies due to report include Progress Software.
And Ralliant will begin trading after being spun off from Fortiv. Ralliant was formed from Fortiv's precision technology segment. Fortiv will concentrate on intelligent operating solutions and advanced healthcare solutions, while Ralliant will focus exclusively on precision technology.
On Wall Street at this early hour, ahead of the opening bell, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.2% at $65 a barrel. Bitcoin is down 0.6% at $107,000. Gold is up 0.4% at $3,281. The FTSE 100 is down 0.2% and the DAX is flat.
Juniper Networks and Hewlett Packard Enterprise are on our list of the biggest movers of the day pre-market. JNPR and HPE are up 8% and 5% respectively after the Department of Justice settled his antitrust lawsuit challenging HPE's $14 billion acquisition of Juniper, clearing a major hurdle just weeks ahead of trial.
- On today's economic calendar, at 9:45 a.m., Chicago PMI, and at 10:30 a.m., the Dallas Fed Manufacturing Survey.
That's it for today's Wall Street Breakfast. Thanks for listening. To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber. Check out seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.